Bearish momentum is identified as this week opened in the markets, especially on the smaller time frames (15M, 30M). This was very much anticipated by myself being that there was a strong bullish run on Mar. 31 2020 that was never mitigated out of. Imbalance was identified at the 2.0550 price level which is where I, personally would be looking to find long positions. This price is very interesting due to the fact that we can see a strong bearish candle (1H TF) before the bullish move on Mar.31 2020. This candle stopped out traders who were playing off of that trend line and allowed for institutional traders to enter that long position. As you see on the 1H time frame, the market shows bullish momentum before distributing sideways and as we now see, bearish momentum(Wyckoff logic). As an intraday trader I am looking for a long position opportunity (1:6 RR) out of the 2.0550 price level up to the 2.0900 price level before then looking for a short opportunity to hold for the remainder of the week/month. This is my personal bias and in no way is this set to be 100% accurate. Nothing is guaranteed in these markets. Always implementing my comprehension of smart money concepts as well as understanding the abundance of opportunities these Forex markets provide. Trade at your own risk. Clap EZ.
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